Welcome to our dedicated page for Peoples Financial Services news (Ticker: PFIS), a resource for investors and traders seeking the latest updates and insights on Peoples Financial Services stock.
Peoples Financial Services Corp. (NASDAQ: PFIS) is a prominent bank holding company headquartered in Scranton, Pennsylvania. Established in 1905, the company operates through its primary subsidiary, Peoples Security Bank & Trust Company. Renowned for its robust community presence, Peoples Financial Services Corp. is one of the largest community banks in Eastern Pennsylvania, extending its footprint from Binghamton, New York, through the Endless Mountains and into several key regions including Scranton, the Poconos, Lehigh Valley, and the Greater Delaware Valley.
The bank offers a comprehensive array of financial products and services designed to meet the needs of individuals, businesses, not-for-profit organizations, and government entities. These services include checking accounts, business accounts, savings accounts, loan products, money market accounts, mortgages, chip-enabled debit cards, and credit card processing. In addition, the bank specializes in commercial loans, commercial real estate, municipal loans, residential real estate, and other consumer loans.
Peoples Financial Services Corp. prides itself on a business model centered around local management and decision-making, which ensures a deep understanding of the regional markets and the specific needs of the community. Each banking office operates interdependently with its local community, providing tailored financial solutions and direct access to senior management and officers.
Recent Achievements and Projects:
- On July 28, 2023, the company declared a third-quarter dividend of $0.41 per share, marking a 2.5% increase over the previous year.
- On September 27, 2023, Peoples Financial Services Corp. announced a strategic merger with FNCB Bancorp, Inc., valued at approximately $129 million. This merger aims to enhance the financial stature and expand the operational capabilities of the combined entities.
- The company reported net income of $6.7 million for the third quarter of 2023 and successfully maintained its well-capitalized status.
- Peoples Financial Services Corp. continues to bolster its asset quality with nonperforming assets constituting a minor percentage of total assets, reflecting strong credit management practices.
Financial Condition:
As of the latest reports, Peoples Financial Services Corp. has total assets of $3.7 billion, loans amounting to $2.8 billion, and deposits totaling $3.3 billion. The bank has strategically managed its portfolio to accommodate loan growth while maintaining liquidity through increased brokered deposits and FHLB term borrowings.
Partnerships and Community Involvement:
Peoples Financial Services Corp. emphasizes strong community ties, ensuring that each of its 28 full-service community banking offices offers localized and timely financial solutions. The bank’s commitment to providing friendly, informed, and courteous service remains a cornerstone of its operational philosophy.
Looking forward, Peoples Financial Services Corp. aims to continue its trajectory of growth and community engagement, leveraging strategic mergers and robust financial management to enhance shareholder value and community service.
Peoples Financial Services Corp. (NASDAQ: PFIS) reported net income of $7.6 million or $1.05 per diluted share for Q1 2023, a 21.3% decrease from $9.6 million or $1.33 in Q1 2022. This decline was attributed to a higher provision for credit losses of $1.3 million and increased operating expenses, despite a net interest income rise of $0.4 million.
The company experienced loan growth of $90 million (13.5% annualized) and strong deposit increases of $189.4 million, now totaling $3.2 billion.
However, asset quality remained high, with nonperforming assets at 0.05% of total assets.
Peoples Financial Services Corp. (NASDAQ: PFIS) declared a first quarter dividend of $0.41 per share, marking a 5.1% increase compared to Q1 2022. The dividend will be payable on March 15, 2023 to shareholders of record as of February 28, 2023. This reflects the company's ongoing commitment to delivering value to shareholders.
Peoples Financial Services Corp. (PFIS) reported its financial results for Q4 and FY 2022. For Q4, net income dropped to $9.1 million ($1.27/share) from $16.4 million ($2.28/share) in 2021, mainly due to the previous year’s $9.6 million gain from Visa shares. FY 2022 net income was $38.1 million ($5.28/share), a 12.5% decline from FY 2021. However, core net income rose to $39.7 million ($5.50/share), a 17.3% increase. Net interest income increased by $11.1 million, largely from loan growth of $447.5 million. The company strategically shifted from lower-yielding U.S. Treasury bonds to higher-yielding mortgage-backed securities to enhance earnings.
Peoples Financial Services Corp. (NASDAQ: PFIS) has declared a fourth-quarter dividend of $0.40 per share, marking a 5.3% increase from the $0.38 declared in Q4 2021. The dividend is set to be paid on December 15, 2022 to shareholders on record as of November 30, 2022.
This increase reflects the company's commitment to providing returns to shareholders amidst ongoing market conditions.
Peoples Financial Services Corp. (PFIS) reported a net income of $10.0 million or $1.38 per diluted share for Q3 2022, marking a 9.6% increase from Q3 2021. Year-to-date earnings totaled $29.0 million or $4.01 per share, up 6.8%. The growth was driven by a $3.0 million rise in net interest income, despite $1.8 million in increased noninterest expenses. Notable increases in loan growth reached 20.2% annualized, while deposits grew $230.2 million in Q3. However, a provision for loan losses of $1.7 million was noted, reflecting strong loan growth.
Peoples Financial Services Corp. (NASDAQ: PFIS) announced a third quarter dividend of $0.40 per share, up 5.3% from the previous year. This dividend is payable on September 15, 2022 to shareholders of record by August 31, 2022. The company operates a community bank with 28 offices across Pennsylvania, New Jersey, and New York, serving both retail and commercial clients. The announcement reflects the company’s financial resilience and ongoing commitment to returning value to shareholders.
Peoples Financial Services Corp. (NASDAQ: PFIS) reported strong financial results for Q2 and the first half of 2022, with net income rising to $9.4 million ($1.30/share) for Q2, a 10.2% increase from the prior year. Year-to-date, net income reached $19.0 million ($2.63/share), up 5.6%. Key drivers included a $3.4 million increase in net interest income. However, the company faced rising noninterest expenses and a $0.9 million increase in loan loss provisions. Total assets reached $3.4 billion, with a return on average assets of 1.12% for Q2.
Peoples Financial Services Corp., a community bank with $3.4 billion in assets, announced that CEO Craig Best will present at the D.A. Davidson 24th Annual Financial Institutions Conference on May 5, 2022, at 11am (Mountain). Presentation materials, including the current Investor Presentation, will be available on the company's website prior to the event. The bank cautions that forward-looking statements about future performance are subject to various risks, including economic conditions and regulatory issues, which could significantly impact actual results.
Peoples Financial Services Corp. (NASDAQ: PFIS) announced a quarterly dividend of $0.39 per share, marking a 5.4% increase compared to the same period last year. The dividend will be payable on June 15, 2022, to shareholders on record as of May 31, 2022. This decision reflects the company's continued commitment to returning value to its shareholders.
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